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Intangible Assets and Goodwill | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Note 7 – Intangible Assets and Goodwill Intangible Assets During the nine months ended September 30, 2021, the Company capitalized $30.1 million for intangible assets. The Company paid approximately $29.7 million for gaming licenses pursuant to market access agreements entered into in order to conduct sports wagering operations in various states, as well as $0.4 million for software and technology. Amortization of the gaming licenses and market access agreements will commence upon completion of the required regulatory approvals and launch of operations in each respective state. As of September 30, 2021, the Company launched its sports betting operation on a limited basis. The amortization expense related to the intangible assets during the nine months ended September 30, 2021, was not material. fuboTV Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The table below summarizes the Company’s intangible assets at September 30, 2021 and December 31, 2020 (in thousands): Schedule of Intangible Assets
|  | Useful |  |  | Weighted Average Remaining |  |  | September 30, 2021 |
|  | Lives (Years) |  |  | Life (Years) |  |  | Intangible Assets |  |  | Accumulated Amortization |  |  | Net Balance |
Customer relationships |  | 2 |  |  | 0.5 |  |  | $ | 23,678 |  |  | $ | (17,758 | ) |  | $ | 5,920 |
fuboTV tradename |  | 9 |  |  | 7.5 |  |  |  | 38,197 |  |  |  | (6,366 | ) |  |  | 31,831 |
Software and technology |  | 3-9 |  |  | 7.5 |  |  |  | 182,203 |  |  |  | (30,350 | ) |  |  | 151,853 |
Gaming licenses and market access fees |  | 1-20 |  |  | 9.8 |  |  |  | 29,650 |  |  |  | - |  |  |  | 29,650 |
Total |  |  |  |  |  |  |  | $ | 273,728 |  |  | $ | (54,474 | ) |  | $ | 219,254 |
|  | Useful |  |  | Weighted Average Remaining |  |  | December 31, 2020 |
|  | Lives (Years) |  |  | Life (Years) |  |  | Intangible Assets |  |  | Accumulated Amortization |  |  | Net Balance |
Customer relationships |  | 2 |  |  | 1.5 |  |  | $ | 23,678 |  |  | $ | (8,880 | ) |  | $ | 14,798 |
fuboTV tradename |  | 9 |  |  | 8.5 |  |  |  | 38,197 |  |  |  | (3,183 | ) |  |  | 35,014 |
Software and technology |  | 9 |  |  | 8.5 |  |  |  | 181,782 |  |  |  | (15,145 | ) |  |  | 166,637 |
Total |  |  |  |  |  |  |  | $ | 243,657 |  |  | $ | (27,208 | ) |  | $ | 216,449 |
The intangible assets are being amortized over their respective original useful lives, which range from one to twenty years. The Company recorded amortization expense related to the above intangible assets of approximately $9.1 million and $14.3 million for the three months ended September 30, 2021 and 2020, respectively. The Company recorded amortization expense related to the above intangible assets of approximately $27.3 million for the nine months ended September 30, 2021. The Company recorded amortization expense of approximately $33.8 million for the nine months ended September 30, 2020, including amortization related to impaired intangible assets as described below. The Company performed a valuation of its intangible assets of the Facebank reporting unit as of September 30, 2020. The Company determined that the carrying value of the intangible assets exceeded their fair value. During the three and nine months ended September 30, 2020, the Company recorded an impairment charge of approximately $88.1 million. The estimated future amortization expense associated with intangible assets (excluding gaming licenses and market access fees) is as follows (in thousands): Schedule of Intangible Assets Amortization Expense
|  |  | Future Amortization |
2021 |  |  | $ | 9,108 |
2022 |  |  |  | 27,552 |
2023 |  |  |  | 24,591 |
2024 |  |  |  | 24,496 |
2025 |  |  |  | 24,437 |
Thereafter |  |  |  | 79,420 |
Total |  |  | $ | 189,604 |
Goodwill The following table is a summary of the changes to goodwill for the nine months ended September 30, 2021 (in thousands): Schedule of Goodwill
Balance - December 31, 2020 |  | $ | 478,406 |
Vigtory acquisition |  |  | 10,683 |
Balance - September 30, 2021 |  | $ | 489,089 |
fuboTV Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) As of December 31, 2020, goodwill includes an accumulated impairment charge of $148.1 million related to the historical Facebank reporting unit.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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